Part 2/10:

The discourse begins with a reference to market volatility experienced during early August, characterized by a "deleveraging moment." This market turbulence reveals the fragility of both large and small-cap stocks, which are considered overpriced relative to their fundamentals. Michael underscores the importance of understanding market momentum, stating, “you can’t time the market based on fundamentals,” emphasizing how market sentiment can often overshadow the intrinsic value of securities.